“The pound’s potential to gain remained limited however as Downing Street rejected the idea that the UK could remain in the customs union after leaving the EU.”

Downing Street has remained firm incensing that the UK will leave the customs union once Brexit has been implemented.

According to the Independent, a Downing Street source said: “The position remains very clear: we don’t think staying in a customs union is the right thing to do and it isn’t government policy to do so.”